Rivian targets $53bn valuation IPO | 02 Nov 2021

Episode 1265,   Nov 02, 2021, 09:00 PM

Today’s big EV stories:
• Rivian targets $53bn valuation IPO
• Tesla stock falls as Elon Musk says Hertz sale not confirmed
• Tesla increases Model 3 and Model Y ranges with 2022 model year
• Tesla starts selling home charger that works with other EVs
• Tesla recalls nearly 12,000 U.S. vehicles over software communication error
• France hits record 23% EV plug-in share in October
• XPeng Announces Vehicle Delivery Results for October 2021
• VW To Make Charging A Taycan As Fast As Getting Gas
• Supermarkets add 1,000 EV charge points since early 2020
• Korea's EV battery manufacturers wringing hands over talent crunch
• Silence S04 Is A Tiny EV From Spain With Removable Batteries

Show #1265

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Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Tuesday 2nd November. It’s Martyn Lee here and I go through every EV story so you don't have to.

Thank you to MYEV.com for helping make this show, they’ve built the first marketplace specifically for Electric Vehicles. It’s a totally free marketplace that simplifies the buying and selling process, and help you learn about EVs along the way too.

RIVIAN TARGETS $53BN VALUATION IPO

- Rivian, the electric automotive company backed by Amazon, is targeting a valuation as high as $53bn when it makes its debut on the Nasdaq, potentially as soon as next week. At the top end of its range of $57-$62 a share, Rivian would begin trading at a value higher than the likes of carmakers Kia and Nissan, and would raise just less than $8.4bn from the offering.

- Amazon ranked as Rivian’s largest outside shareholder, with a 22.4 per cent stake.

- The market debut would also result in a windfall for founder RJ Scaringe, which owns more than 17.6m shares that would be worth a total of $1.1bn at the top of the price range.


- Rivian Automotive Inc, which is backed by Amazon.com Inc, is targeting a valuation of more than $53 billion for its U.S. debut, making the electric vehicle manufacturer potentially almost as valuable as rival Honda Motor. The startup is looking to raise up to $8.4 billion, setting it up to be the third-largest initial public offering (IPO) by funds raised in the past decade in the United States.

- While Rivian has yet to sell any significant volume of its electric vans or trucks, it could likely be valued higher than Ferrari, although less than Honda, General Motors or its backer Ford Motor Co.


- Rivian is filling a spot in the EV market that no other company has yet filled: off-road vehicles such as trucks and SUVs. This gives the company an advantage over giants like Tesla, Ford and General Motors, who have announced plans for electric truck development but haven’t yet released a product.

- None of Rivian’s financial information such as revenue or profit is yet available for investors to view and it will only be released with the S1 filing when the company is about to IPO. This means that investors often have to decide quickly whether they want to trade on the IPO date.


- Rivian first published its papers to go public in August, then aiming for a valuation of around $70 billion. Rivian has lost $2 billion since the start of last year, underscoring the costs and risks of developing electric vehicles. It expects to spend roughly $8 billion on facilities and equipment through the end of 2023.


TESLA STOCK FALLS AS ELON MUSK SAYS HERTZ SALE NOT CONFIRMED

- Tesla CEO Elon Musk insisted no formal contract has been signed with Hertz, after the car rental company announced a deal to buy 100,000 electric vehicles in an overhaul of its fleet.

- The deal, announced Oct. 25, sent Tesla stock soaring to an all-time high and pushed its valuation above $1 trillion for the first time.

However, responding to a tweet about the blockbuster rally, Musk said Monday evening, “If any of this is based on Hertz, I’d like to emphasize that no contract has been signed yet.”

- Musk’s dose of cold water on the deal sent Tesla stock down over 5 percent to $1,147.64 by 6:30 a.m. ET Tuesday. The stock’s still up more than 12 percent since the announcement of the Hertz deal.

- a Hertz spokeswoman, insisted in a statement, “Deliveries of the Teslas already have started. As we announced last week, Hertz has made an initial order of 100,000 Tesla electric vehicles and is investing in new EV charging infrastructure across the company’s global operations,”


TESLA INCREASES MODEL 3 AND MODEL Y RANGES WITH 2022 MODEL YEAR

- Tesla has updated Model 3 and Model Y line with the 2022 model year specs, and most of the configurations got higher range – though it depends on the wheels.

- In an overnight update to its online configurator, Tesla changed the ranges of several of its most popular Model 3 and Model Y trims.

- For the Model 3 Standard Range Plus, the range went from 262 to 272 miles on a single charge

- Now it only refers to it as “Rear-Wheel Drive” and the different battery packs are only differentiated by the Model 3 Dual Motor also being called “Long Range.”

- Model 3 Long Range, it goes from 353 to 358 miles with the 18″ wheels.

- Model Y Long Range also got a bump. It went from 326 to 330 miles of range:


TESLA STARTS SELLING HOME CHARGER THAT WORKS WITH OTHER EVS

- Tesla has launched a new at-home wall charger that works with other electric vehicles

- The new Level 2 wall charger was quietly added to the company’s online store on the same day it started allowing non-Tesla EVs to charge at Supercharger stations in the Netherlands — the first step in a much larger plan to open up access to Tesla’s charging network around the world.

- The new charger uses a standard J1772 connector, not Tesla’s proprietary one, meaning it should work fine with other electric vehicles in North America. It’s competitively priced, too, at $415

- Tesla says it can charge at up to 9.6kW and is designed for both indoor or outdoor installation. It’s basically a reworked version of the “Gen 2” Tesla home charger, though, meaning it won’t have some of the more advanced features (like Wi-Fi) found on the Gen 3 version Tesla currently sells to its owners.

Gen 3 Wall Connector in Y here is £460

400 V Three-phase power output (kW) and 22kW in UK.

- Model 3 max charge rate on a 400 V Three-phase power supply is 16 amps (11 kW) Model S and Model X max charge rate on a 400 V Three-phase power supply is 24 amps (16.6 kW)


TESLA RECALLS NEARLY 12,000 U.S. VEHICLES OVER SOFTWARE COMMUNICATION ERROR

- Tesla is recalling nearly 12,000 U.S. vehicles sold since 2017 because a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes, the National Highway Traffic Safety Administration (NHTSA) said Tuesday.

- the recall of 11,704 Model S, X, 3 and Y vehicles was prompted after a software update on Oct. 23 to vehicles in its limited early access version 10.3 Full-Self Driving (FSD) (Beta) population.

- NHTSA said Tesla "uninstalled FSD 10.3 after receiving reports of inadvertent activation of the automatic emergency braking system" and then "updated the software and released FSD version 10.3.1 to those vehicles affected."

- The recall comes after NHTSA last month asked Tesla why it had not issued a recall to address software updates made to its Autopilot driver-assistance system to improve the vehicles' ability to detect emergency vehicles.

- After the Oct. 24 reports, Tesla said it canceled the FSD update on vehicles that had not installed it and disabled FCW and AEB on affected vehicles.

- Tesla said as of Oct. 29, more than 99.8% of the vehicles - all but for 17 - had installed an update and no further action is necessary.


FRANCE HITS RECORD 23% EV PLUG-IN SHARE IN OCTOBER

- France, Europe’s second-largest car market, saw the share of plug-in electric vehicles climb to a new record of 22.9% in September, nearly double the share of 11.8% recorded a year ago.

- October’s combined plug-in result of 22.9% included a record 13.14% complete electric batteries (BEVs) and 9.75% plug-in hybrids (PHEVs), a continuous change from the weighting towards the BEV in relation to recent trends.

- . The BEV share remains on track to potentially exceed the diesel share by the end of December 2021.


XPENG ANNOUNCES VEHICLE DELIVERY RESULTS FOR OCTOBER 2021


VW TO MAKE CHARGING A TAYCAN AS FAST AS GETTING GAS


SUPERMARKETS ADD 1,000 EV CHARGE POINTS SINCE EARLY 2020


KOREA'S EV BATTERY MANUFACTURERS WRINGING HANDS OVER TALENT CRUNCH


SILENCE S04 IS A TINY EV FROM SPAIN WITH REMOVABLE BATTERIES


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